Reference no: EM131118195
1. Dispositions, Including Condemnation, Demolition, and Trade-in Presented below are a schedule of property dispositions for Hollerith Co. The following additional information is available.Land
On February 15, a condemnation award was received as consideration for unimproved land held primarily as an investment, and on March 31, another parcel of unimproved land to be held as an investment was purchased at a cost of $35,000.Building
On April 2, land and building were purchased at a total cost of $75,000, of which 20% was allocated to the building on the corporate books. The real estate was acquired with the intention of demolishing the building, and this was accomplished during the month of November. Cash proceeds received in November represent the net proceeds from demolition of the building.Warehouse
On June 30, the warehouse was destroyed by fire. The warehouse was purchased January 2, 2007, and had depreciated $16,000. On December 27, the insurance proceeds and other funds were used to purchase a replacement warehouse at a cost of $90,000.Machine
On December 26, the machine was exchanged for another machine having a fair market value of $6,300 and cash of $900 was received. (The exchange lacks commercial substance.)Furniture
On August 15, furniture was contributed to a qualified charitable organization. No other contributions were made or pledged during the year.Automobile
On November 3, the automobile was sold to Jared Winger, a stockholder. how these items would be reported on the income statement of Hollerith Co.(AICPA adapted)
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